S T A T E   O F   N E W   Y O R K
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                                 5700--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                              May 28, 2015
                               ___________

Introduced  by  Sen.  GOLDEN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions
  -- committee discharged, bill amended, ordered  reprinted  as  amended
  and recommitted to said committee

AN  ACT  to amend the retirement and social security law, in relation to
  the membership of police officers and firefighters

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Subdivision c of section 440 of the retirement and social
security law, as amended by section 2 of part A of chapter  504  of  the
laws of 2009, is amended to read as follows:
  c.  Notwithstanding  any  other  provision  of law, the provisions and
limitations of this article shall apply, as may be appropriate,  to  all
police  officers  and  firefighters  who last joined a public retirement
system of the state or a municipality thereof, on or after  July  first,
nineteen  hundred  seventy-six[,  but  prior to July first, two thousand
nine,] ALL CORRECTIONS AND SANITATION  MEMBERS  OF  THE  NEW  YORK  CITY
EMPLOYEES' RETIREMENT SYSTEM WHO BECAME MEMBERS ON OR AFTER APRIL FIRST,
TWO THOUSAND TWELVE and all employees subject to the provisions of arti-
cle twenty-two of this chapter; provided, however, that in the case of a
conflict  between  the provisions of this article and article twenty-two
of this chapter, the provisions of article twenty-two shall be  control-
ling.
  S 2. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This  bill  would  grant  Tier  2 status to Tier 3 police officers and
firefighters, and grant them a refund of their member contributions. For
members of the New York State  and  Local  Police  and  Fire  Retirement
System  (NYS&LPFRS),  it  would  affect  only  those who did NOT file an
election to become covered under the provisions of Article 22 (Tier 5).

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11214-04-5

              

S. 5700--A                          2

  If this bill is  enacted,  insofar  as  this  bill  would  affect  the
NYS&LPFRS,  we  anticipate  that the employers of affected members would
see an increase in their annual contributions for the fiscal year ending
March 31, 2016 of approximately 0.3%, 0.7%, and 2.3% of the annual sala-
ries  of members covered under Sections 384-d, 384-e, and 381-b, respec-
tively. In future years, this cost will vary as the billing rates of the
affected members change.
  There would not be a past service cost.
  Summary of relevant resources:
  The membership data used in  measuring  the  impact  of  the  proposed
change  was  the same as that used in the March 31, 2014 actuarial valu-
ation.  Distributions and other statistics can  be  found  in  the  2014
Report  of  the  Actuary  and  the  2014  Comprehensive Annual Financial
Report.
  The actuarial assumptions and methods used are described in the  2010,
2011,  2012, 2013 and 2014 Annual Report to the Comptroller on Actuarial
Assumptions, and the Codes Rules and Regulations of  the  State  of  New
York: Audit and Control.
  The Market Assets and GASB Disclosures are found in the March 31, 2014
New  York  State  and  Local  Retirement System Financial Statements and
Supplementary Information.
  I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained herein.
  This estimate, dated May 22, 2015, and intended for  use  only  during
the  2015  Legislative Session, is Fiscal Note No. 2015-122, prepared by
the Actuary for the New York State and Local Police and Fire  Retirement
System.